But the interesting part of Apollo Investment is its co-investments. The firm makes equity investments alongside a number of well-known private equity firms. Because the firm is public, its quarterly report includes a number of not-otherwise disclosed write-downs and write-ups on portfolio companies of firms like GTCR Golder Rauner, Code Hennessy, Wasserstein & Co. and Madison Dearborn Partners. These mark-to-market values which Apollo holds its companies at are provided by independent third parties, not the general partners, a representative for the firm said.
Highlights include a number of gains. GTCR appears to be killing it on the firm’s investment in Sorenson Communications. The investment was written up 13,691%. Other big winners:
- Sun Capital wrote up its investment in Garden Fresh by 105%.
- Gryphon Investors wrote up its investment in Delta Educational Systems Inc. by 242%.
- Odyssey Investment Partners wrote up its investment in machinery company Pro Mach by 109%.
On the flip side, Apollo Investment Corp.’s investments in companies owned by JPM Partners, Wasserstein & Co., Veronis Suhler Stevenson, and Centre Partners have taken some hefty writedowns, many as high as 100%.
Co-Investment Write-Downs and Write-Ups for AINV’s PE Deals
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View peHUB’s full coverage of Apollo Management
Previously:
Apollo Alternative Assets Value Fell $142.8 Million in Q1
Apollo’s Harris Sees Slow Economic Recovery
Apollo Sued for Linens ‘n Things “Negligence”
Where Are They Now? The Performance of Failed Take-Privates
Apollo Closes Fund VII with $14.8 Billion
Liveblogging Wharton Conference: Leon Black
How Has Apollo Disappointed Investors? Let Us Count The Ways…